Several global companies have exited Nigeria, halted local production or significantly scaled back their operations since President Bola Tinubu assumed office in May 2023, highlighting the growing pressure facing multinational businesses in the country. The companies affected span oil and gas, consumer goods, pharmaceuticals, cryptocurrency, retail and ride-hailing, with foreign exchange challenges, naira volatility, inflation, rising operating costs and weaker consumer spending among the issues shaping their decisions.
Norwegian energy giant Equinor completed its exit from Nigeria in December 2024 after selling its Nigerian assets to Chappal Energies in a deal valued at up to $1.2 billion. American consumer goods manufacturer Kimberly-Clark, known for Huggies and Kotex, also announced its departure in 2024, closing its Lagos manufacturing facility and commercial office despite having invested about $100 million in the facility just two years earlier.
Other companies have chosen to reduce their footprint rather than leave Nigeria completely. Procter & Gamble (P&G) discontinued local manufacturing and moved to an import-only model, while GlaxoSmithKline (GSK) ended its direct commercial operations and shifted to third-party distribution. Binance, meanwhile, withdrew naira services in 2024 following increased regulatory scrutiny, although Nigerians could still access other services on the platform.
The retail and transport sectors have also recorded major changes. Shoprite, which entered Nigeria in 2005, eventually ended its nearly two-decade presence after its franchise operations struggled with rising costs and weaker consumer purchasing power. In September 2026, Uber became the latest major multinational to announce its exit, saying it would stop ride-hailing operations in Nigeria after 12 years, as the industry continues to contend with fuel costs, inflation and currency pressures.
While the exits raise concerns about Nigeria’s attractiveness to international investors, they could also create opportunities for local businesses and investors to take over assets and market positions previously held by multinational companies. Equinor’s sale to Chappal Energies is one example of Nigerian-owned firms gaining ground. For Nigeria, however, the bigger question remains whether ongoing economic reforms can create a business environment where global companies can operate profitably while local businesses also have room to grow.
source: nairametrics
